The type of paint you select depends on both the finish you want and the material you are decorating. Various additives adapt the qualities of paint for different uses.
Emulsion paint is the most popular and practical finish for walls and ceilings. It has a binder made from synthetic resins, which are dispersed in a solution of water. Exterior-grade emulsions, specially formulated to be weatherproof, are also available.
Solvent-based (oil) paints are a mix of oils and resins. Paints made from natural resins are very slow to dry so most modern paints contain synthetic versions to make them fast drying.